Which of the following statements is correct?
A) A partnership may make an annual election to adjust the basis of its assets upon the sale of a partnership interest.
B) The Sec. 754 election applies to both sales and distributions.
C) The Sec. 754 election applies to only current and nonliquidating distributions.
D) A partnership can revoke a Sec. 754 election every 5 years.
B) The Sec. 754 election applies to both sales and distributions.
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